China Social Science Review

No.3, 2022

Can Experimental and Behavioral Economics Be Commensurate: An Intellectual Review and Paradigm Comparison from the Perspective of the Philosophy of Science

(Abstract)

Wang Yilin

As two new branches of economics, experimental and behavioral economics are closely related, but in fact they cannot be fully commensurate; that is, there are significant paradigmatic differences and partial incommensurability between the two. The internal causes of the former are related to its disciplinary origin, problem consciousness and functional orientation, while its external characteristics are manifested in the differentiation of experimental design, subjects, policy applications and other dimensions. In terms of their relationship with mainstream neoclassical economics, experimental economists are more like reformers, supplying economics with new empirical testing tools, whereas behavioral economists are almost revolutionaries, providing economics with a new worldview. Even if we examine them in accordance with the evaluative criteria of the philosophy of science, it is still not possible simply to draw conclusions about the strengths and weaknesses of each branch of economics. To advance the theory and application of economics, we should look to further strengthening the integration of experimental and behavioral economics in the future.